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Over the weekend, BTC dived further below the $40k psychological support. In doing so, the number one cryptocurrency by market cap has now retraced all the way back to its year-to-date trading channel within the $38k to $45k range. Most of the progress it made at the end of Q1 of 2022 has also now been eradicated. The broader crypto market is trading in lockstep with major U.S. equity indices, with its correlation to traditional markets strengthening amid the continued downward corrections.